Now that President Trump has been inaugurated, older adults can expect changes to their government benefits, including Medicaid. Due Process protections have historically allowed those who have planned ahead to be “grandfathered” under the current laws, meaning that the law in effect when they took action will continue to apply to them despite the passage of new laws.
It is critical that seniors act now to protect assets. An action plan implemented now will survive an increased look-back period (currently 5 years for Medicaid Nursing Home benefits), the imposition of a look-back period for Medicaid Home Care benefits (currently one month) and even the elimination of spousal refusal.
What You Should Do
Meet with a Cona Elder Law attorney to discuss your asset protection options, including protecting your home and other assets with an irrevocable trust. Review your Power of Attorney and other advance directives to be sure they are up to date.
Asset protection planning is critical, now more than ever.
Families need to plan ahead, well in advance of a health care crisis, to preserve assets and ensure the ability to access health care when needed. Placing assets in an irrevocable trust is often the best place to start.
Click here to learn more about trusts and asset protection planning.
As always, contact us if you have any questions. Our Elder Law attorneys are always available to address your questions and concerns.
Call us at 631.390.5000 or click here.